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Nawras posts 11% increase in Q3 net profit, names new CEO

Omani Qatari Telecoms Co (Nawras) has announced its third-quarter net profit climbed 11.1% year-on-year to OR8m from OR7.2m in the year-ago quarter, Muscat Daily has reported. Revenue during the quarter rose 8.3% to OR50.8m from OR46.9m, the company said. However, net profits for the first nine months of this year declined 13.5% to OR23.1m from OR26.7m in the same period last year, due to the investment in network modernisation, Nawras said. The firm also announced the appointment of Greg Young as its new chief executive, effective October 23. Young will replace Ross Cormack, who will be taking up another leading role within the Ooredoo group, it said.